IRVINE, Calif., Jan. 7, 2014 /PRNewswire/ -- SunCal, one of the leading privately held land developers in the U.S., has closed the acquisition of the 30-acre former State Farm Insurance property in Rohnert Park, Calif., for an undisclosed sum.
SunCal plans to entitle and redevelop the Sonoma County site into a pedestrian-friendly, mixed-use town center dubbed Rohnert Crossing that will provide a lively downtown district and central town green for the community. The parcel encompasses an entire city block and is located along Rohnert Park Expressway, and is across the street from the city library, police station and city center plaza. A future Sonoma-Marin Rail Transit (SMART) passenger train station is under construction along the eastern edge of the project, providing the basis for a transit-oriented development.
"The Rohnert Park property represents an outstanding opportunity," said Ian Vickers, SunCal Vice President of Land Acquisition. "The site is one of the largest parcels available for development north of the Golden Gate Bridge, and it involves an entire city block that is located directly in the path of growth in the thriving Greater San Francisco Bay Area."
The future SMART commuter line adjacent to Rohnert Crossing will provide rail service along 70 miles of the historic Northwestern Pacific Railroad corridor, connecting urban and rural residents of Sonoma and Marin counties with jobs, education and health care services in the region. At the southern terminus, the trains will deliver commuters to the ferry terminal in Larkspur, Calif., and connect with San Francisco. The Rohnert Park station is part of SMART's Phase 1 that is scheduled to start service in late 2015 or early 2016.
"This parcel is well-situated in the center of the City, it will be served by new commuter rail service, and the project will be part of creating an exciting, new downtown area serving the entire community," said Joe Guerra of SunCal Acquisitions and Entitlement Northern California office. "We look forward to working with the City's Priority Development Area (PDA) planning efforts that are already underway to develop a vibrant community."
The property was sold to an affiliate of SunCal by State Farm Insurance and was originally developed by the insurer in the late 1970s. The facility operated for 35 years and the company recently relocated its operations and staff to another center.
The transaction was brokered by a collaborative Cushman & Wakefield effort involving its offices in Portland, Ore.; San Rafael, Calif.; and Los Angeles. The firm's representatives collectively assisted on all aspects of a very intricate and complicated process that culminated in the successful disposition of the asset.
SunCal acquires, entitles and develops major residential properties and commercial developments. The company specializes in creating distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is one of the largest privately held land developers in the U.S. and has offices in Irvine, Calif.; Northern California; New York City; Washington, D.C.; Las Vegas; Denver; Austin, Texas; Savannah, Ga.; and Melbourne, Fla. For more information, visit www.suncal.com.
SunCal Public Affairs